Abacus Finance Group, LLC (Abacus), a New York-based direct lending company that provides cash-flow senior financing for private equity-sponsored, lower-middle market companies, announced that it served as Administrative Agent and Sole Lender for $22.5 million in senior secured credit facilities to support the leveraged buyout of Transnet YX, Inc. by Thompson Street Capital Partners. Abacus also made an equity co-investment in Transnet YX.

Founded in 2004 and headquartered in Memphis, TN, Transnet YX is an independent molecular diagnostic laboratory providing research animal genotyping services to the pharmaceutical and academic research communities. Thompson Street is a St. Louis-based private equity firm focused on investing in founder-led, middle market businesses. 

“As usual, it was a pleasure to work with the Abacus team,” said Elizabeth R. Borow, Managing Director of Thompson Street. “Abacus is a terrific partner, provides great service, and can always be relied upon to come through efficiently when we need a quick close.”

“We know them and their processes well,” added Thompson Street Vice President Stefan Sigurdson. “They are easy to work with, and once again they were able to provide certainty of closure early on.”

“Our longstanding partnership with Thompson, which shares our lower-middle market focus, is without question one of our top client relationships,” said Tim Clifford, President and CEO of Abacus.

“We know that when they come to us with a transaction, it will involve a high-quality company, and Transnet YX certainly fits that mold. What is important to them – in addition to speed and certainty of close – is our flexibility in structuring transactions and the emphasis we place on exceptional client service – all part of our Total Partnership Approach," added Sean McKeever, Abacus Managing Director and COO.

Abacus team members involved in the transaction included Sean McKeever and Joseph Lee. Legal counsel was provided to Abacus by Goulston & Storrs, PC.